‘Late Submission of Accounts by MDAs Hindering Accountability’

Buhari on arrival from LondonMuhammadu Buhari
  • ‘Late Submission of Accounts by MDAs Hindering Accountability’

The late submission of annual audited financial statements by government Ministries, Departments and Agencies is hindering the ability of the Office of the Auditor-General for the Federation to effectively account for public funds.

The OAGF stated this in a document detailing the achievements of the office under the administration of President Muhammadu Buhari.

A copy of the document was made available to our correspondent in Abuja on Tuesday.

According to the Financial Regulations 3210(v), the audited accounts of bodies established by Acts of Parliament (parastatals) should be submitted by the Accountant-General of the Federation to the Office of the Auditor-General of the Federation not later than May 31 of the following year.

On receiving the audited accounts, the auditor-general is required by law to, within 90 days, submit his report on the accountant-general’s financial statements to the National Assembly.

According to the OAGF, when agencies of government fail or delay the submission of their accounts, it affects the timely preparation of the office’s annual audit report to the National Assembly.

As a result of this, it said the information contained in the report would lose its capacity to influence decisions.

The document also listed the absence of an audit law that would guarantee operational independence, financial and administrative autonomy for the office as another major challenge affecting the office’s operations.

The document stated that the Audit Bill, which had just been passed by the National Assembly, if eventually signed into law by President Muhammadu Buhari, would assist in addressing these impediments.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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